Press Releases

IFC Investment Supports Private Equity Sector in Ukraine, Belarus, and Moldova

In Ukraine:
Larissa Shidlovskaya

Phone: +380 (44) 490 6400


In Washington, D.C.:

Lotte Pang

Phone: +1 202 758 4290


Kyiv, Ukraine, November 19, 2008—IFC, a member of the World Bank Group, is supporting the development of the private equity sector in Ukraine, Belarus, and Moldova by participating in the Emerging Europe Growth Fund II, a new private equity fund managed by Horizon Capital.

FC has committed $20 million to EEGF II, which raised $390 million from the diverse group of investors from the United States and Europe. The fund will invest in fast-growing small and medium enterprises in Ukraine, Belarus, and Moldova. It will focus on expansion and buyout opportunities in core industries serving the emerging middle class, including financial services, consumer goods, retail, and industrial goods.

“We are pleased to welcome IFC as an investor and limited partner in EEGF II,” said Natalie A. Jaresko, Horizon Capital’s Co-managing Partner. “IFC's commitment will support our efforts to invest in private companies in the region and help them become market leaders by improving their competitiveness and sustainability. IFC will also help us add value to portfolio companies by introducing international best practices in corporate governance and management”.  

David Wilton, New Business Manager at IFC’s Private Equity and Investment Funds Department, said:Private equity is becoming an increasingly important sector globally and in emerging markets, particularly in these challenging times. IFCs aim is to catalyze the growth of the private sector by supporting local fund managers in priority markets such as Ukraine, Moldova, and Belarus”.

Nena Stoiljkovic, IFC Director, Central and Eastern Europe, added, “IFC continues to support the private sector in emerging markets by developing local and international partnerships. Our investment in EEGF II will help increase the supply of financing and other value-added services to private enterprises that will stimulate employment and labor productivity in these key markets".  

Ukraine became a shareholder and a member of IFC in 1993. As of June 30, 2008, IFC has invested about $988 million in 42 projects in the country. IFC’s investment program has expanded rapidly, with a focus on Ukraine’s financial, agribusiness, energy efficiency and cleaner production, and infrastructure sectors.  IFC also offers advisory programs in Ukraine on leasing, agribusiness, mortgage finance, energy efficiency, and improving the business environment. For more information, visit

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit

About Horizon Capital

Horizon Capital is a private equity fund manager that originates and manages investments in mid-cap companies with outstanding growth and profit potential in Ukraine, Moldova and Belarus. Currently, Horizon Capital manages three funds—Emerging Europe Growth Fund, LP; Emerging Europe Growth Fund II, LP; and Western NIS Enterprise Fund—with more than $600 million under management. For more information, visit